Cash for Impact

Business contests are a great way to procure funding and get PR.

Here are a few corporate small business funding programs that you may be able to take advantage of:

MillerCoors’ Urban Entrepreneurs Series challenge. (I must disclose that I have been a regional screening judge for this program in the past.) The Urban Entrepreneur Series is a business plan competition and awards $150,000 to the  best business plans, of which $100,000 goes to the first place winner. The newly extended deadline is October 28. So if you’re interested and you haven’t submitted, you’d better burn the midnight oil to get your business plan in! Here is a direct quote from the MillerCoors Oct. 4 press release: “All entries must be submitted to www.MillerCoorsMUES.com. Winners can also potentially become a qualified MillerCoors supplier.”

Starbucks has recently created a new campaign called Create Jobs for USA “to create and sustain jobs”. Starbucks has earmarked $5 million of its own money for this program. How does the program work? Starbucks and others donate funds to Opportunity Finance Network, a microlender, that then works with a number of different community development financial institutions to provide entrepreneurs and business owners located in “underserved communities” (i.e., urban and rural communities) with small business loans. Starbucks will begin accepting donations to the program on November 1 on its websites and at its cafes.

Check out this website: http://www.entrepreneur.com/blog/220489?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+entrepreneur%2Flatest+(Entrepreneur+Update)&utm_content=Google+Reader

Technorati Tags: Create Jobs for USA, MillerCoors Urban Entrepreneurs Series, small business funding, small business funding program, Urban Entrepreneurs Series

Minority and Women Angel Investments

This information is compiled from surveys on angel investment activity conducted by the Center for Venture Research.

2004:
Women angel investors comprised ~5% of total angels. Women-owned businesses represented 4.7% of companies seeking angel funds and 12.5% of the companies that successfully obtained angel investment.

Minority angels comprised 3.6% of the market. Minority-owned companies, 5.4% of those seeking angel investments yet  20% of minority-owned ventures garnered angel investment.

2005:
Women angels represented 8.7% of the market. Women-owned companies seeking investment also represented 8.7% of the market.  A whopping 33% of the women-owned ventures seeking angel investment received it!! Minority angels represented 3.7% of angel investors who invested.  14.2% of firms seeking investment were minority-owned. Only 7.6% of these received angel investments, a significant drop from 2004.

2006:
Women angel investors represented 13.8% of the total angel investors. Women-owned businesses only accounted for 12.9% of companies seeking angel investment, yet 21.5% of those women-owned ventures seeking received investment received it.

Minority angels represented 3.4% of total angel investors. Minority-owned businesses accounted for 6.9% of the companies seeking angel investment. Only 7.1% of minority entrepreneurs received angel funds.

2007:
Women angels comprised 12% of active angel investors. Women-owned ventures were 12.7% of those seeking capital. 16% of these companies received angel investments.

Minority angels made up 3.0% of active angels. Minority-owned firms represented 4.7% of those pursuing angel investment with 21.2% of those receiving angel investment, a return to 2004 levels.

2008:
Women angels made up 16.5% of active angel investors. Women-owned firms represented 15.7% of the total pursuing angel investment. Only 9.5% of those received angel capital.

Meanwhile, minority angels represented 3.6% of all active angels. Minority-owned companies pursuing angel investment made up 3.7% of the total. 11.3% of those minority entrepreneurs received angel investment.

2009:
Women angels comprised 11.3% of angel investors this year. Women-owned ventures made up 21% of those pursuing angel capital and 9.4% of hose receiving.

Minority angels represented 3.5% of the total active angels. Minority-owned ventures seeking angel investment comprised 6.2% of the total. 14.2% of those receiving were minority entrepreneurs.

2010:

Women angels made up 13% of the angels. Women-owned ventures seeking angel investment again made up 21% of the total number of entrepreneurial ventures pursuing angel investment. Women-owned ventures receiving investment comprised 13% of that total.

That same year, minority angels made up only 2% of the angel investors. Minority-owned companies seeking angel investment made up 6% of the total. Those receiving, 19% of the total.

The Center for Venture Research recommends that, given the data, more minority-owned and women owned companies need to attract angel investor attention. In addition, both groups “need to increase their ‘investor readiness’ through education and networking”.

Technorati Tags: minority angels, minority entrepreneur, minority owned business, minority owned businesses, women angel investors, women angels, women-owned business

According to a recent ranking  published March 23, 2011 by Forbes magazine (www.Forbes.com), the top 10 cities for minority entrepreneurs (and minority owned businesses and their owners) are as follows:

1. Atlanta
2. Baltimore
3. Nashville, Tennessee
4. Houston
5. Miami
6. Oklahoma City, Oklahoma
7. Riverside-San Bernardino-Ontario, California
8. Washington, D.C.
9. Orlando, Florida
10. Phoenix

Technorati Tags: Forbes magazine, minority entrepreneurs, minority owned businesses

Whitney M. Young Conference 14th Annual New Venture Competition!

The New Venture Competition provides entrepreneurs with the opportunity to present their ideas for growth companies to a panel of experienced entrepreneurs, angel investors and venture capitalists. Judges will award up to $17,500 in prizes.

Basic eligibility requirements include:

• The competition is open to African-American entrepreneurs, entrepreneurs of African descent, and teams containing at least one African-American founder or person of African descent
• Only early-stage / start-up companies are eligible. (Developed businesses, those already generating revenue, are not eligible)

• Phase I for the conference requires entrepreneurs to submit an electronic copy of their executive summary to wmy@wharton.upenn.edu by November 27, 2009.

The conference organizers would appreciate it if you could reach into your vast networks and encourage any talented entrepreneurs that you know that meets the criteria to enter the competition. For more information on the full eligibility requirements and deadlines, please visit: http://www.wmyconference.com/

I had someone talk to me about marketing to minorities. They asked me what, if any, insight I could offer on how to reach the market. I am a strategic thinker, so I’m better at the high level marketing stuff (who is the optimal target customer, how big is the market, why is this type of customer great, what’s the best way to get to them) than I am at the nitty gritty marketing.

That said, here are some of the suggestions I put forth:

Well, the dates for the MillerCoors MUES (Miller Urban Entrepreneur Series) business plan and grant competition for 2009 have been finalized. Yet another small business financing resource for you! For the first time in competition history, submissions will be accepted online! You will still have to complete your submissions by the deadline: October 1, 2009. For a general overview, visit www.millerurbanentrepreneurs.com/. For eligibility requirements, go to http://www.millercoorsmues.com/mues-eligibility-tutorial.pdf . For the application process, goes to https://millercoorsmues.com/page/applicationprocess . The MUES targets minority owned businesses.

Four (4) prize grants of $25,000 and one (1) grand prize grant of $100,000 will be awarded, for a total of $200,000 in money provided to fund small businesses.

Also, MillerCoors MUES offers webinars to help small business owners and management build and strengthen their businesses and prepare for the grant submission and contest. If you have questions about financing your existing or start-up business, you can attend the MillerCoors MUES webinar focused on business financing, “Do the Math – Understanding Your Financials” from 12:30 pm – 1:30 pm EDT (11:30 am – 12:30 pm CDT) on Tuesday, July 21, 2009. To register, go to https://www2.gotomeeting.com/register/604846866 .

Here is a synopsis from the website:

Do the Math – Understanding the Financials

Income statements, balance sheets and cash flow – may be confusing for some, but the truth is, every business decision leads to a number. And not understanding the numbers can be a detriment to your company. Here is your opportunity to ask the tough and the not so tough questions to ensure you’re on a path to understanding your business financials.

Tuesday, July 21, 11:30 a.m. – 12:30 p.m. CST

I (Tiffany Wright) am one of the panelists. See you there!

If you miss the webinar, you can still download the podcast.

Technorati Tags: business plan competition, minority entrepreneurs, minority owned business, small business grant, small business grants

The MillerCoors Urban Entrepreneur Series (MUES) is an excellent business grant program targeted at minority-owned businesses. It consists of two parts, one is an educational series. The previous format of the educational portion was as a one-day conference which toured major cities in the U.S. such as Chicago, Atlanta, Los Angeles… Now, it’s presented as a series of webinars. This way MUES can cover the entire U.S. at the same time and reach those in smaller markets. The 2nd part is the actual grant which are actually several grants and based on a business plan competition. This contest gets underway in the fall of each year. When the dates are available, I’ll let you know.

MUES gives four (4) $25,000 grants and one (1) grand prize grant of $50,000. The purpose of these grants is to help small business owners and aspiring entrepreneurs “take their business to the next level”. Both new and existing businesses can participate. The grants are for minority-owned businesses. For more information, go to www.millercoorsmues.com .

I’ve spoken at one of their conferences and participated in a webinar. I have business associates who have entered the contest and one who even won. So I’m a big fan of MUES. The process takes ~3 months.

The Small Business Innovative Research (SBIR) program provides grants to small businesses that further research for or provide innovative technologies and methodologies that eleven (11) specific federal agencies such as the CDC, NIH, NASA, or DoD use. The SBIR offers ~$2 Billion each year to small businesses. These agencies provide the grants in two phases:

(1) Phase 1: Research feasibility. Up to $100,000 is provided in this phase and can be spent over a period of ~ eight months. The application, review, and reward process takes 3 – 6 months, depending on the agency.

(2) Phase 2: Commercialization process. Up to $750,000 is provided in this phase and can be spent over a period of ~24 months. The application, review and reward process here is longer, taking 6 – 9 months.

For more information, visit www.zyn.com/sbir/. The government SBIR information is all over the place but the Zyn website does a great job of compiling the information in one place.

The US Dept. of Agriculture (USDA) offers subsidized loans and grants to companies operating in rural areas that will impact job creation in the area. Called Rural Development Business Grants, the bulk of these are made to NON-profit enterprises, public bodies or Indian Tribal groups for use in developing businesses. Therefore, if you are in a rural area or considering relocating to one check with business-focused non-profits or, if you are Native American, your Tribal group in the area for available grant monies. In addition, the USDA has specifically allocated $11.4 Million for renewable energy and improvements in energy efficiency for small businesses. Visit www.usda.gov for more information. Search on “business grants”.

Information on more grants coming….

Technorati Tags: business plan competition, minority entrepreneur, minority entrepreneurs, minority owned business